Sep 30

Daily Market Commentary : 29th SEP 2016

The Indian equity market closed with losses on Thursday erasing all its early gains. The market fell sharply after the Indian Army confirmed that it undertook surgical strikes across the Line of Control in Jammu and Kashmir at terror launchpads sending across a very strong message to Pakistan on Wednesday night. Nifty closed with a loss of 154 points at 8,591, while BSE Sensex ended with a loss of 465 points at 27,827.

On the global front, Asian shares closed higher. China’s Shanghai Composite and Hong Kong’s Hang Seng closed in the green, while Japan’s Nikkei jumped 1.4%.

In Europe, the FTSE 100 and CAC 40 were trading up by 1%. DAX is trading in the green.

Lupin tanked 3% to Rs.1,469 on the BSE. The pharma company received final approval for its Memantine Hydrochloride Extended-Release Capsules from the USFDA to market a generic version of Allergan’s Namenda XR Capsules.

Jaiprakash Associates tumbled 8% to Rs.10.23. Debt laden Jaiprakash Associates on Wednesday said it has received its shareholders’ approval to allow for conversion of its debt to equity stake in the company.

Kotak Mahindra Bank slipped 1.3% after ING Group NV’s selling a part of its stake in private sector bank – Kotak Mahindra Bank to raise up to $550 mn (Rs.3,654 cr) close to two years after exiting the business in India as it seeks to repatriate capital to its home market.

Hindustan Copper Ltd fell 5% after the company said in a notice to BSE that the government will sell a 7% stake in state-run miner Hindustan Copper Ltd through a two-day offer for sale (OFS) beginning Thursday.

The rupee was trading down 40 paise at 66.86 per US dollar.

Out of 1,487 stocks traded on the NSE, 1,389 declined and 74 advanced today.

Top 5 Nifty Gainers: GAIL (3.04%), M&M (1.42%), ONGC (1.37%), BHEL (1.09%) and SBI (1.05%)

Top 5 Nifty Losers: CIPLA (-4.66%), Coal India (-2.15%), Bharti Airtel (-1.79%), Dr. Reddys Lab (-1.08%) and Adani Ports & Sez (-1.07%)

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Sep 29

Daily Market Commentary : 28th SEP 2016

After having corrected in the past three consecutive trading sessions, the Indian stock market closed on a higher note on Wednesday ahead of expiry of September futures & options contracts on the NSE. The stock market oscillated between gains and losses in morning trade while it was only in the second half of the session that the market gained decisive upward momentum. Positive opening of European markets and a firm rupee partially supported the upmove in domestic equities. Nifty closed with a gain of 39 points at 8,745, while BSE Sensex ended with a gain of 69 points at 28,293.

On the global front, Asian stocks closed on a mixed note. Hong Kong’s Hang Seng advanced 0.20%, China’s Shanghai Composite ended marginally lower, while Japan’s Nikkei slipped 1.3%.

European stocks rose with investor sentiment buoyed by a rally in the banking sector. The FTSE 100 is up 0.63% while the CAC 40 and DAX have gained 0.8% each.

Mangalore Chemicals & Fertilizers jumped 6.5% to Rs.47.50 on the BSE. The company said in a notice to BSE that its shareholders have rejected the proposal of transaction with Zuari Agro Chemicals Ltd.

Mphasis fell 3.3% to Rs.521. The company has announced a dividend of Rs.20 a share.

Nandan Denim climbed 12.6% on its plans to issue 50 lakh convertible warrants on preferential basis to foreign investors at Rs.200 each including premium of Rs.190.

Motherson Sumi Systems gained 1% after the Reserve Bank of India allowed foreign investors to hike their stake in the company to up to 30% from 24% earlier.

Dilip Buildcon gained 2.6%. The National Highways Authority of India (NHAI) has awarded four laning of 127 km of national highway stretch between Lucknow and Sultanpur to Dilip Buildcon. The project would be constructed at a cost of Rs.2,845 cr.

Mahindra and Mahindra inched up 0.60% after the company having announced the launch of the Intelli-Hybrid technology variant of its popular SUV Scorpio for the Delhi and NCR market at a starting price of Rs.9.35 lakh (ex-showroom).

Coal India slipped 1% to Rs.329. Its buyback offer will open next week on October 3, 2016 and would remain open till October 18. The company plans to buy back 1.7% (10.89 cr) fully paid up equity shares at Rs.335 per share totaling Rs.3,650 cr.

Karur Vysya Bank gained 1.4% to Rs.476. The bank seeks members’ approval for sub-division of shares in the ratio of 1:5.

Ahluwalia Contracts (India) advanced 1% after the company having received new order aggregating Rs.151.39 cr from Bharat Electronics .

Jindal Stainless zoomed 9% after the company received approval from Orissa Industrial and Infrastructure Development Corporation (IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the Hot Strip Mill and the Coke Plant of the company are located, to Jindal United Steel and Jindal Coke, respectively.

Balaji Telefilms jumped 8.8% after after the Board of Directors of the company at its meeting held on 27 September 2016 having considered and approved a composite scheme of arrangement between the company and its wholly owned subsidiaries viz. Balaji Motion Pictures and Bolt Media and their respective shareholders and creditors.

Vivimed Labs has soared 9.7% to Rs.112.65 after investor Ashish Kacholia acquired nearly two percentage point stake in the company through open market.

Federal Bank rallied 4.2% to Rs.75.50 after a huge block deal. Around 6.50mn shares of the bank changed hands in a single block deal.

The rupee was trading up by 2 paise at 66.46 per US dollar.

Out of 1,847 stocks traded on the NSE, 575 declined and 1,033 advanced today.

Top 5 Nifty Gainers: ONGC (2.13%), GAIL (1.65%), Reliance Ind. (1.48%), Hero Motocorp (1.24%) and Bajaj Auto (1.24%)

Top 5 Nifty Losers: Bharti Airtel (-0.82%), Hind. Unilever (-0.47%), Wipro (-0.46%), Dr. Reddys Lab (-0.34%) and ICICI Bank (-0.31%)

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Sep 28

Daily Market Commentary : 27th SEP 2016

The Indian stock market ended in the red as indices extended losing streak to third consecutive trading session on Tuesday. The Nifty fell below 8,700 for the first time in 9 sessions. After starting off on a positive note markets remained subdued in the first half, however as the day progressed selling pressure accentuated. Weak global cues and profit booking weighed on the domestic markets. Nifty closed with a loss of 16 points at 8,706, while BSE Sensex ended with a loss of 71 points at 28,224.

On the global front, Asian stocks closed mixed on Tuesday. Nikkei index and China’s Shanghai Composite ended marginally higher, while Hong Kong’s Hang Seng edged higher by 1%.

In Europe, the FTSE 100 was trading marginally down. The CAC 40 and DAX dipped over 0.50% each.

Yes Bank gained 1% after the bank raised Rs.330 crore (approximately $50 million equivalent) through the issue of 7-year Green Infrastructure Bonds to FMO, the Dutch Development Bank, on a private placement basis.

Coal India closed marginally lower at Rs.332. The company said in a notice to BSE that its share buyback offer will open on 3 October to 18 October.

Bank of India slipped 1.1% to Rs.116.50. Bank of India has sold 18% stake in the insurance joint venture Star Union Dai-ichi Life Insurance Company Ltd (SUD) to its Japanese partner.

IRB Infrastructure Developers gained 1% to Rs.257 after receiving a letter of award from the National Highways Authority of India (NHAI) for the Rs.2,100 crore highway project in Rajasthan and Gujarat.

Pfizer slipped 1%. Pfizer has completed the process of transferring four products to Piramal Enterprises after getting necessary regulatory approvals.

BPCL dropped 1.7% to Rs.610. BPCL Kochi Refinery is all set to become a world-class refinery with crude oil processing capacity of 15.5 MMTPA, Union Minister Dharmendra Pradhan said.

8K Miles Software Services Ltd jumped 2.7%. 8K Miles Software has informed BSE that the Board of Directors of the Company has fixed October 13, 2016 as the record date for the purpose of ascertaining the eligibility of the shareholders entitled for stock split & free share issue.

Suven Life Sciences inched up 1% after the company was granted two product patents, one each in India and Japan, for the molecules to be developed for the treatment of neuro-degenerative diseases.

The rupee was trading up 13 paise at 66.46 per US dollar.

Out of 1,461 stocks traded on the NSE, 806 declined and 597 advanced today.

Top 5 Nifty Gainers: GAIL (1.29%), Dr. Reddys Lab (0.95%), SBI (0.90%), Bharti Airtel (0.88%) and HDFC (0.80%)

Top 5 Nifty Losers: Reliance Ind. (-1.59%), Wipro (-0.63%), Infosys Ltd. (-0.52%), Hind. Unilever (-0.45%) and TCS (-0.44%)

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